Paul Schrader is back in the director's chair and using a script by Brett Easton Ellis?

Yup, and wait until Collider tells you what it's about:

Taxi Driver scribe Paul Schrader has signed on to direct the indie thriller Bait. Variety reports that Schrader will direct the film, and is currently polishing the script written by American Psycho author Bret Easton Ellis. The story centers on a group of students who are trapped in shark-infested waters by a lunatic. In case the name doesn’t ring a bell, Schrader’s most noted films came out of his collaboration with Martin Scorsese, as he wrote the scripts for Taxi Driver, Raging Bull, The Last Temptation of Christ and Bringing Out the Dead.

Schrader has also directed a number of films on his own, and has most recently been developing The Jesuit with Willem Dafoe and Oscar Issac attached to star. Bait is definitely an unexpected project, but with Ellis writing the initial draft it’s safe to assume that this isn’t your typical “teens in peril” gorefest.

-Joey's Two Cents: This tandem could do something with this premise, so stay tuned...thoughts?

Could Gaspar Noe be pairing up with Brett Easton Ellis next?

Possibly, according to The Playlist:

Considering the horrors that some authors get put through with film adaptations of their work, literary enfant terrible Bret Easton Ellis has been fairly lucky. “Less Than Zero” is fairly decent, while Mary Harron turned out a terrific adaptation of “American Psycho,” and even “The Rules of Attraction” has its moments, despite the source material not being very good—leaving Gregor Jordan‘s disastrous “The Informers,” the film on which the writer made his screenwriting debut, as the only out-and-out failure.

But it hasn’t kept Ellis from his copy of Final Draft: he was hired in 2009 to write “The Golden Suicides,” an adaptation of a Vanity Fair article by Nancy Jo Sales about the mysterious suicides of artists Jeremy Blake, who’d collaborated with the likes of Beck and Paul Thomas Anderson, and Theresa Duncan, who killed themselves after allegedly being harassed by Scientologists. Gus Van Sant was brought on board to consult on the script, James Franco and Angelina Jolie were linked to the central roles, and then… nothing. No news for a couple of years now. But suddenly, there’s some movement, and it could mean one of the most interesting directors in European cinema coming on board.